The annual Singles’ Day shopping festival, China’s equivalent to Black Friday, has seen a noticeable shift in consumer behavior this year, reflecting broader economic challenges. Alice Zhang, a 29-year-old marketer from Guangzhou, exemplifies this trend, having halved her spending compared to last year. Facing a 20% pay cut, Zhang opted for more affordable choices and skipped purchasing new shoes altogether. Her cautious approach mirrors a nationwide pattern as Chinese consumers prioritize necessities over discretionary spending.
China’s ‘Singles’ Day’ shopping festival a gauge of Beijing’s effort to get consumers to spend more
